UPDATE: Goldman Sachs Reiterates Sell Rating, Lowers PT on Autodesk

In a report published Friday, the Goldman Sachs Group reiterated its Sell rating on Autodesk

, but lowered its price target from $29.00 to $25.00. Goldman Sachs noted, “Total revenue of $569 mn fell short of consensus of $593 mn (GS: $596 mn) as the quarter's results were impacted by execution issues (driven by disruptions from the organizational changes instituted at the beginning of the year) as well as a challenging macro environment. Operating margins also fell short at 25.3% (GS: 26.5%, Street: 26.8%) as did non-GAAP EPS at $0.48 (GS: $0.50, Street: $0.49). Higher other income along with a lower tax rate and share count benefited EPS by about $0.03 versus our forecast. While a soft macro environment was expected, we were surprised by the extent of the impact from the execution issues, which management noted was the key driver of results and which was largely attributable to channel program changes rather than the direct sales force. In terms of regions, central Europe, Brazil and India posted soft results.” Autodesk closed on Thursday at $35.71.